Exam 52: Wills and Trusts

An executor is a personal representative named in a will.

Grey has two children,Ham (the eldest)and Ivy,both of whom prede?cease Grey.Ham is survived by a daughter,Jess,and Ivy by two sons,Kato and Lars.On Grey's death,if the estate is distributed per stirpes

If a trust does not provide for its termination,it will not terminate.

A trust that a grantor executes orally in contemplation of imme?diate death is a testamentary trust.

Dotty creates a trust by her will for the benefit of Eppie and her family to come into existence on Dotty's death.This is

Before dying from injuries suffered in an auto accident,Beamer tells his relatives that on his death,Clotilde is to have all of his posses?sions.Beamer has made

Once executed,a will cannot be revoked.

Ratzo is asked to be a witness to Sade's will.Before attesting to the will,

A lapsed legacy will occur if the testator predeceases the gift.

Gigi,a twenty-year-old,wants to execute a will before she undertakes a moun?tain-climbing trip on a peak in the Himalaya Mountains.In most states,the legal age for executing a will is

Don executes a will leaving half of his farm to his spouse Elsie and the rest to his sons,Frank and Greg,in equal shares.The will disinherits a third son,Hal.Don and Elsie divorce,but Don dies before changing his will.Under the Uniform Probate Code

A divorce necessarily revokes an entire will.

Orin creates a living trust to pass his assets,including stock in Petro Oil Company and other business investments,to his heirs.One advantage of this arrangement is that

Patsy makes a gift of real estate in her will to Quinn.This gift is

Travis's will states,"I give to my brother Ubi my gold pocket watch." This is

Aaron owns a certificate of deposit with Beth,his sister,and an apart?ment building with Carl,his brother,in both cases as a joint tenant.Aaron,a partner with Debra in Aaron & Debra Accountants,obtains a life insurance policy with Debra as the designated beneficiary.Aaron writes a will that gives particular items of personal property,as well as specific amounts of cash,to his children and his friends.The will leaves the residue of the estate to Eve,Aaron's favorite cousin.Carl dies.Aaron,on his own deathbed,makes a gift to the United Way.Will the certificate of deposit,the apartment building,the proceeds from the life insurance policy,and the gift to the United Way become part of Aaron's estate and be distributed under the will? If not,how will these items be distributed and to whom?

Violet dies without a will.State laws that determine how the estate of Violet,or of any decedent,will be distributed in such a circumstance are known as

In most states,a person must be sixteen years of age to execute a valid will.

One who dies after having made a valid will is said to have died testate.

The assets in Dong's estate,including the value of his home on Elm Street and its contents,are insufficient to pay in full all of the gifts provided for in his will.His heirs will receive